All Forum Posts by: John White

Sue's advice is spot on for a rental.  Things to never have in a rental...ceiling fans, garbage disposals, storm/screen doors, and those obnoxious pull out sprayers on kitchen sinks.  They all break, and you'll get endless phone calls to fix them!  Every household can function without them just fine!

Thank you for all of the great feedback.  I don't have words for what an invaluable resource this site is. 

I've been a Managing Real Estate Broker with two national companies for many years, so if I can ever assist anyone to show my appreciation for the help I get on this site, I'm happy to answer any questions that anyone has, as it relates to agent or brokerage type of questions.  Thank you again.

@Curt McClements

Would you mind sharing a copy of the Estoppel Agreement you use (editable, if possible)?

Have you already sent the letter introducing yourself?  Did you tell the current owner that you were sending it out?

Good Afternoon...

I'm a month away from closing on a side by side duplex that are occupied by two tenants who I'm inheriting.  When do I send them a letter, notifying them that the rent (as of May 1st) will be payable to me?  Is this something that I should involve the current owner with, or simply send the letters?  Do I send the letters now, or when I take ownership in a month?  The tenants are aware that the property is being sold, but don't yet know who I am

This is all great information.  I appreciate the feedback, and will be adding this clause to my leases, and make it a requirement, before moving in.  I know that renter's insurance is relatively inexpensive, so it really shouldn't be much of a burden.  Not to mention, my two units rent for $1600.00 per month, so a tenant really shouldn't have an issue affording a few hundred dollars for a year's worth of insurance coverage.  I assume that if one of your tenant's sign a new lease, you require proof that the policy has been renewed and paid for the upcoming new lease?  I've never had renter's insurance, but I assume the insurance companies require payment in full, for the year?

Good Evening...

I've seen a lot of leases where the property owner requires the tenant to show proof of Renter's Insurance.  Is this something that you do?  Why?  I guess the real question is what impact does it have on me as a Landlord, if something were to happen, and a tenant opted not to have insurance.  Obviously, we all understand that our investment properties are only insured for the dwelling (s), and not contents. I just want to know if this is something that I absolutely should require, and if so...why? 

Given what the exact same comp just sold for, it sounds solid (obviously, I don't know the neighborhood).  It sounds like the property already has built in equity, and there is no reason that you can't negotiate the price lower.  Be thankful that you live in an area where purchasing a duplex is so inexpensive.  I just purchased a duplex (A+ neighborhood) for $350K!  Good luck.

I have done this with contractor who I have partnered on with fix and flips. We've done several, and it has worked out well. We split everything 50/50, but I only agreed to that because he pays for all of the renovations (and does much of the work). I fund the purchase of the properties and hold them in the name of my LLC. If my contractor wasn't funding the renovations, I would absolutely, positively, not agree to "partner" with him. As several have already pointed out, would simply pay him as my contractor, but would keep all of the profits.

I'm with @Dick Rosen on this one.  I once did a lease purchase on what was my primary residence (at the time) with a guy who had a short sale the previous year.  He had outstanding income, and an outstanding job history.  People who lose their homes need a place to live, and are usually going to be forced in the position of renting for some time.  He never once paid me late, and ultimately, purchased the property from me.

@Aaron Montague and @Luis Rosario

Thanks for the tips.  I'll definitely explore some of the services.  I only live about 4 miles from this investment property, but still don't want to put the burden on me to collect the rents.  I think I'm going to try to go the direct deposit route and require them to make the deposits into my bank account.